Bank Failure
Flagler FS & La
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Closed March 27, 1992 · Miami, FL · FDIC Cert #30826.
- Closing date
- March 27, 1992
- Headquarters
- Miami, FL
- FDIC Certificate
- 30826
- Total assets at closing
- $1.60B
- Total deposits at closing
- $1.49B
- Estimated loss to the insurance fund
- $101.6M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Union NB of FL
Context
On March 27, 1992, regulators closed Flagler FS & La, headquartered in Miami, FL. At closing, the institution held approximately $1.60B in assets and $1.49B in deposits. The FDIC record names First Union NB of FL as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $101.6M.
By assets at closing this is the 140th largest of the 3,526 bank failures in the FDIC record, and the 13th of 179 in 1992. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Flagler FS & La fail?
Flagler FS & La was closed by regulators on March 27, 1992.
Who acquired Flagler FS & La?
The FDIC record names First Union NB of FL as the acquiring institution in the resolution of Flagler FS & La.
How big was Flagler FS & La when it failed?
Flagler FS & La had approximately $1.60B in total assets and $1.49B in deposits at the time of failure.
Other failures in 1992
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1992 | The Rushville National Bank | $41.6M |
| Dec 18, 1992 | The Bremen State Bank | $2.7M |
| Dec 11, 1992 | Meritor Savings Bank | $4.13B |
| Dec 11, 1992 | Eastland Savings Bank | $515.3M |
| Dec 11, 1992 | Eastland Bank | $85.4M |
| Dec 11, 1992 | Sailors & Merchants B&T Co. | $34.8M |
| Dec 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
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